The Kalyan-Dombivli Municipal Corporation has signed a Memorandum of Understanding with the South Korea’s Land and Housing Corporation (LH) to build a New Kalyan Smart City, 30 km east of Mumbai. This project has also been approved by the local assembly.
LH will build a settlement of 15,000 houses over a 2.5 square-kilometre site at a cost of $350 million. The land for the project will be provided by the Municipal Corporation, reported The Times of India.
Korea’s participation in India’s smart city development project comes after the two countries adopted a joint statement for special strategic partnership during Prime Minister Narendra Modi visit to Korea in May 2015 that highlights the promotion of government to government projects.
The state-owned Korean company has already concluded one smart city deal worth $4 billion for the South Saad Al Abdullah New City in Kuwait.